Many individuals carry cash currency, debit cards or credit cards to complete daily purchases. A more modern payment method for completing debit/credit transactions is a “contactless” payment transaction, such as can be done using with PayPass® by MasterCard International Incorporated, the assignee of the present invention. That system provides cardholders with a simpler way to complete a credit/debit transaction by bringing a contactless-enabled payment card or other payment device, such as a key fob, within proximity of a point-of-sale terminal reader, rather than swiping or inserting a card.
Contactless payment generally employs “Near Field Communication” (NFC) technology, which facilitates secure, short range communication between electronic devices. More specifically, NFC is a short range high frequency wireless communication technology that enables the exchange of data between devices over a relatively short distance. NFC is based on Radio Frequency Identification (“RFID”) technology and uses many of the same working principles.
NFC is a set of short-range wireless technologies, typically requiring a distance of 4 cm or less. Typically, NFC involves an initiator and a target; the initiator actively generates an RF field that can power a passive target. This enables NFC targets to take very simple form factors such as tags, stickers, key fobs, or cards that do not require batteries. NFC peer-to-peer communication is possible, provided both devices are powered.
NFC tags contain data and are typically read-only, but can be rewriteable. The tags can securely store personal data, such as debit and credit card information, loyalty program data, PINs and networking contacts, among other information.
NFC tags for contactless payment have only added to the number of devices that users carry on a day to day basis, including cash, credit cards, keys, NFC tags, and mobile phones/smartphones. In an effort to consolidate the myriad of electronic devices used on a daily basis, some mobile phones now include wireless transponders, including but not limited, to NFC tags.
With the rising popularity of NFC equipped mobile phones, more consumers are completing contactless payment transactions using their mobile phones instead of the traditional wireless payment key fobs. In addition, “mobile wallet” applications on a smart phone allow the user to select one of multiple stored cards in order to make a payment as many consumers use more than one card in a given day. However, with mobile phones acting as payment devices, selecting a particular card often involves awaking the phone from sleep, unlocking the phone, launching the mobile wallet application, selecting the card and then tapping the phone to the terminal. This is a lengthy process that ultimately can hinder the use of these technologies. When faced with a lengthy multi-step process of selecting a card on their phone or simply pulling the desired card out of their physical wallet, the consumer may prefer to reach for their old physical wallet and card.
It would be beneficial to provide a mobile phone and/or smartphone configured to allow a user to toggle between multiple payment methods and complete a wireless/contactless payment transaction quickly, easily and without requiring multiple user input actions.
It is with respect to these and other considerations that the disclosure made herein is presented.